Students learn business skills while competing for scholarships

DARTMOUTH — The students stared intensely into their computer screens, 47 three-student teams taking part in a simulated business competition — the Titan Challenge.

SIMÓN RIOS

DARTMOUTH — The students stared intensely into their computer screens, 47 three-student teams taking part in a simulated business competition — the Titan Challenge.

Hailing from 13 area high schools, the students were charged with running a virtual high tech manufacturing company in a live-action simulation of a competitive market.

"Every time they submit a business plan, the next quarter goes by and they see the effects of what their plan has brought on," said Caroline Paradis, president of Junior Achievement, a nonprofit that organized the Thursday event at UMass Dartmouth.

"It's all about supply and demand. They have to be able to understand things like capital investments. They have to read reports. "» It's real-world practical business knowledge, coupled, in my mind, with 21st century skills."

The teams submitted business plans emphasizing six key components of business: price, production, research and development, marketing, capital investment and charitable giving. In three separate sessions they competed in real time to see who came away with the best score. The winners would get scholarships of up to $1,000.

Three of the competitors represented New Bedford High School.

Jose Salinas said he learned how much decision-making can affect a company. "In one mistake you can lose so much out of your company," he said. "So if we were selling our product and an expensive price then we would have to make less of it — that way we're making money but we're not losing money."

Benjamin Santos, who's also part of the Entrepreneurship 2 course at the high school, said he picked up some useful skills.

"If you don't use your money in a smart manner then you're going to lose everything and not be able to do well," he said.

His peer, Adolfo Maran, an aspiring accountant, agreed.

"You don't put money too much into one specific area," he said.

Nathan Araujo, president of the management consulting firm R4C Management, was on hand to advise the students as they made business decisions.

"Our job wasn't to tell them what they should be doing," he said. "It was more of an advisor role if they would ask us a question on how they should price their product or what their cost ratio should be at, as well as analyzing reports to see what the other teams were doing."

Araujo said the simulation was actually reflective of a real-world business environment, with a marketing director, chief financial officer and CEO all doing their respective jobs.

"I actually felt like the kids were in a boardroom, trying to talk each other into doing what they thought was right," he said. "It was really impressive to see how they grasped everything."